June 24, 1991

About 200 lawyers, engineers and chemists have been meeting intermittently in the ballrooms of unfashionable hotels around Washington for several months, wrestling with the landmark Clean Air Act. Although Congress finished work on the law last year, these representatives of oil companies, auto makers, Federal agencies, state governments, environmental groups, and everyone from the National Corn Growers Association to the National Association of Convenience Stores have been engaged in writing the details.

The third week in June brings not only the summer solstice but also the start of the year's heaviest vacation season. In 10 hectic weeks through Labor Day, millions of Americans spend billions of dollars on air fares, gasoline, hotels and restaurants. But this year, despite some of the most favorable airline and hotel discounts in years, people in the travel industry say the summer season is not likely to be anything to write home about. Even at this late date, some analysts say they still do not know whether the peak travel season will be disastrous or just disappointing.

The seven leading industrial democracies agreed in principle here today that the Soviet Union should be offered a limited role in the International Monetary Fund, the American Treasury Secretary, Nicholas F. Brady, said. He said the offer would probably be made when President Mikhail S. Gorbachev meets with leaders of the seven nations here next month.

INTERNATIONAL The Soviet Union should be offered a limited role in the International Monetary Fund, the seven leading industrial democracies agreed. By acquiring such a role, the Soviet Union would gain technical assistance toward economic changes but no immediate I.M.F. bailout to revive its moribund economy. [ Page A1. ] The president of Nomura Securities resigned in the wake of reports that his firm had helped a former underworld boss and compensated big investors for their investment losses. [ D1. ] Ghana's economy has reversed gears again, after the country won praise as a showcase for free-market reform. [ D2. ] THE ECONOMY The recent collapses of two huge life insurers present a sobering reality: safety programs set up by 48 states to protect policyholders when insurance companies fail may be woefully unprepared for a crisis of this magnitude. [ A1. ] Orders for American-made machine tools fell in May for a third straight month, the industry's trade group said. [ D1. ] The N.R.C. is expected to issue a new rule soon that may define the future of the nation's nuclear power industry. [ A1. ] About 200 lawyers, engineers and chemists have been wrestling with writing the details of the Clean Air Act. [ D1. ] People in the travel industry say the summer season is unlikely to be anything to write home about, despite some of the most favorable airline and hotel discounts in years. [ A1. ] A generation of young people has been pushed into the harshest economic climate any high school class has faced in 25 years. [ A8. ] THE MEDIA BUSINESS The Atlantic Monthly Press is to be sold to another independent company, Charles E. Tuttle, in a deal that suggests that some houses can still resist the advance of media conglomerates. [ D1. ] Winning the Subaru account will give Wieden & Kennedy a chance to prove it can repeat the success it had with Nike's advertising. [ D6. ] Levine, Huntley, Vick & Beaver lost Subaru, but that was not the agency's first brush with adversity. [ D6. ] Handicapping of the fall TV season, through ad agency projections, is completed. The early line: no breakout hits, but a couple of candidates for rookie of the year. Bill Carter: Television. [ D6. ] An advance look at magazine ad pages for September shows some signs the recession may be at or near an end. But most publishing executives say they think happy days may not return until the first or second quarter of 1992. Stuart Elliott: Advertising. [ D7. ] COMPANIES The Gap Inc. is exceeding its 80's successes in the 90's, by separating the sexes and widening its appeal. [ D1. ] The chain's innovative approach is reflected in a different sort of ad campaign. [ D3. ] NCR plans to introduce the first pen-based computer designed to take advantage of Intel's 386 microprocessor. Hundreds of other new products will be shown at the PC Expo trade show. [ D2. ] MARKETS Some of the world's most influential money managers have been recasting their views about gold's ancient role as a haven for wealth in times of uncertainty or crisis. [ D1. ] TODAY'S COLUMNS American Biogenetic Sciences owes its existence to a strain of mice. Raised in germ-free conditions on special diets and injected with human proteins, the mice may give the company a leg up in developing antibodies for medical applications. Market Place. [ D4. ] Most credit market analysts and participants think the Fed will refrain from pushing up short-term interest rates for some time. But the Fed's past performance strongly suggests it will dash those expectations. Kenneth N. Gilpin: Credit Markets. [ D5. ]

Before the end of the month, the Nuclear Regulatory Commission may issue a rule defining the future of the nation's nuclear power plants by setting the safety standards they must meet to extend their lives. Over the next 25 years, more than half the nuclear plants in the United States will turn 40, and their operating licenses will expire as they do. With no reactors on order and only two under construction, the nuclear industry's hope for survival probably rests on continued operation of existing plants.